2 1 Shi Ji Jing Ji Bao Dao·2025-06-12 02:00Core Viewpoint - The Hong Kong stock market opened lower on June 12, with the Hang Seng Index down 0.59% and the Hang Seng Tech Index down 1.13%, while the innovative drug concept opened higher against the trend [1] Group 1: Market Performance - The Hong Kong innovative drug ETF (159567) rose by 2.06% with a trading volume exceeding 200 million and a turnover rate over 11% [1] - On June 11, the innovative drug ETF (159567) experienced a significant net inflow of over 160 million [2] Group 2: Sector Insights - Pacific Securities suggests focusing on the pharmaceutical sector due to the impact of market pricing power and capital changes, particularly in innovative drugs, as liquidity and risk appetite have improved [2] - The upcoming AACR and ASCO conferences are expected to enhance the attention on innovative biotech catalysts, with domestic companies leading in dual-antibody ADCs, TYK2 inhibitors, GKA agonists, and pan-KRAS inhibitors [2] - Everbright Securities highlights the active participation and competitiveness of Chinese pharmaceutical companies in new drug development, especially following the ASCO annual meeting, which showcased impressive results and data [2]